As I write this article it is St. Patrick’s Day. While I’m not Irish, I do love celebrating all of the wonderful holidays that Americans have adopted in our diverse culture. And, besides looking forward to a heaping plate full of corned beef and cabbage, I think about the financial rewards the Irish miners had that gave birth to the phrase, “the luck of the Irish.”
Here’s how the phrase allegedly came about. "During the gold and silver rush years in the second half of the 19th century, a number of the most famous and successful miners were of Irish and Irish American birth. Over time this association of the Irish with mining fortunes led to the expression 'luck of the Irish.'”
4-leaf clovers and green are the symbols of luck we see everywhere on St. Paddy’s Day. And, while luck is a good thing -- and I wish everyone the best of luck in every endeavor -- believe me when I say, when it comes to financial stability and growth, luck has very little to do with a solid, long-term financial foundation.
I mean, luck may deliver you a small fortune when you play the lottery. But, we all know the fate of most people who do win a big lottery. A few years later, they don’t have a penny of that fortune left. That’s because luck only goes so far. Knowledge, understanding and having a plan in place will carry you further than luck. It can take you all the way to retirement and beyond to the next generation and perhaps beyond.
Don’t Count On Luck
Unfortunately over the years the “luck of the Irish” phrase also came to be a bit of a put down. As the mentalfloss.com article continued, it stated, “Of course, it (the luck of the Irish) carried with it a certain tone of derision, as if to say, only by sheer luck, as opposed to brains, could these fools succeed.” http://mentalfloss.com/article/30236/luck-irish-old-mining-expression
So, as you see, luck can be a double-edged sword! But a dose of luck teamed up with a smart long-range plan can make you feel very fortunate when you achieve your financial goals.
Count On Knowledge And Experience
Working with a knowledgeable fiduciary financial advisor is your best course of action. If you have a plan in place, it never hurts to have an annual review done by a third party. St. Patrick’s Day may be the time to determine that you’re going to review your current financial plan. You never know what might be uncovered. Very often we find paperwork that has not been updated and could lead to disastrous results had there been an illness or death.
Act Quickly And You Could Be In Luck
That’s right, if you act quickly, Retirement Resources is offering a free Spring Total Wealth Management Review for anyone who requests a free consultation in March or April. It’s a great way to be certain that your finances are in good shape and that luck is definitely on your side. Give us a call today.